Matematica Crizei sau Criza Matematicii? O analiză a modelelor matematice folosite în analizele financiare
The mathematics of the crisis or the crisis of mathematics? An analysis of the ma¬thematical models engaged in financial analysis

Summary/Abstract: The mathematical models were severely criticized at the burst of the current financial turmoil. The theoretical approach to valuation of financial instruments heavily relies on the criticized methodology and many financial analysts are blaming the models to have misled them to bad investments. The financial theory describes the developed capital markets as efficient, which means that the past cannot be used to produce exact point forecasts. In other words, the main theory on the dynamics of financial markets is based on the fact that the future is not predictable, hence, efficient. On the other hand, the financial literature produced a lot of analysis and technology in the last 40 years on the characterization of rare events. We analyze the current reaction and show evidence on the support of financial modeling in finance.

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